Abu Dhabi's e& enterprise, a subsidiary of technology and telecom company e&, has agreed to acquire a majority stake in Dubai-based peer-to-peer lending platform Beehive, which is focused on lending to small and medium businesses in the Mena region.
The company will acquire between 61 per cent and 69 per cent of Beehive at an enterprise value of $35 million.
This will be through a capital injection and the acquisition of existing shares, the unit of the company formerly known as the Etisalat Group said on Thursday in a regulatory filing to the Abu Dhabi Securities Exchange, where its shares are traded.
The financial impact will be immaterial to the e& group's consolidated results, it said. The transaction is not associated to related parties and will be paid in cash.
The deal will help to address the lending gap in the SME industry and open up a new stream of growth for e& enterprise, the company said.
It will also allow Beehive, which has arranged more than Dh1.5 billion ($408.4 million) worth of loans to SMEs, to scale up its business and expand its offerings.
“The acquisition of Beehive’s digital lending platform marks the second step in e& enterprise’s journey in the FinTech space, after the launch of UAE Trade Connect in 2021,” said Salvador Anglada, chief executive of e& enterprise.
“SMEs are important drivers of the economy and there is a need more than ever to support their unique financing needs. With Beehive, we have the right technological innovation to accelerate on our agenda in the UAE and beyond.”
SMEs and start-ups play a key role in a digital economy and the UAE government has set up several initiatives to support their growth.
They make up a significant portion of businesses in the UAE and are key to the Emirates' goal of becoming the top nation globally for entrepreneurship.
The latest government data shows SMEs represent more than 94 per cent of all companies operating in the country, with 73 per cent in the wholesale and retail sector.
However, SMEs are facing challenges when it comes to securing access to funding. In the GCC, there is an estimated credit gap of about $250 billion, according to global consultancy Deloitte.
The “strategic alignment” between e& enterprise and Beehive “presents a huge opportunity to increase and accelerate financing to SMEs across the region”, said Craig Moore, founder and chief executive of Beehive.
“The market leading brand, reach and vision of e& and e& enterprise allows Beehive to drive more innovation and collaboration into the market,” he said.
Beehive had previously signed an agreement with Emirates Development Bank to boost SME funding in priority sectors across the UAE through a Dh30 million funding facility from EDB.
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Plastic tipping points
INFO
Schools can register for the Abu Dhabi Schools Championships at www.champions.adsc.ae
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Biog
Mr Kandhari is legally authorised to conduct marriages in the gurdwara
He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada
Father of two sons, grandfather of six
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2019 is a milestone because he completes 50 years in business
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Serie A
Juventus v Fiorentina, Saturday, 8pm (UAE)
Match is on BeIN Sports
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Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
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Rating: 4/5
Key facilities
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- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
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- AR and VR-enabled learning centres
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Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
If you go
The flights
Fly direct to London from the UAE with Etihad, Emirates, British Airways or Virgin Atlantic from about Dh2,500 return including taxes.
The hotel
Rooms at the convenient and art-conscious Andaz London Liverpool Street cost from £167 (Dh800) per night including taxes.
The tour
The Shoreditch Street Art Tour costs from £15 (Dh73) per person for approximately three hours.
Arabian Gulf Cup FINAL
Al Nasr 2
(Negredo 1, Tozo 50)
Shabab Al Ahli 1
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Overview
What: The Arab Women’s Sports Tournament is a biennial multisport event exclusively for Arab women athletes.
When: From Sunday, February 2, to Wednesday, February 12.
Where: At 13 different centres across Sharjah.
Disciplines: Athletics, archery, basketball, fencing, Karate, table tennis, shooting (rifle and pistol), show jumping and volleyball.
Participating countries: Algeria, Bahrain, Comoros, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, Palestine, Saudi Arabia, Sudan, Syria, Tunisia, Qatar and UAE.
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Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
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Engine: 2.0-litre turbocharged and supercharged in-line four-cylinder
Transmission: Eight-speed automatic
Power: 320hp @ 5,700rpm
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Fuel economy, combined: 9.7L / 100km
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Uefa Champions League semi-final:
First leg: Liverpool 5 Roma 2
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TV: BeIN Sports, 10.45pm (UAE)
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4,872 matches
1,942 teams
116 pitches
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26 UAE teams
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APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
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In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
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- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
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